Aspiro AB (publ): Interim Report, January - June 2005

Second Quarter: EBITDA before Items Affecting Comparability of SEK 11.1 m

■ Second-quarter profit was better than expected, thanks to robust sales in June through Media Partners and a bigger customer base in subscription services. Moreover, synergies from the Schibsted Mobile acquisition had a positive effect already in the second quarter. ■ Net sales in the second quarter were SEK 101.4 m (SEK 14.5 m), with Schibsted Mobile contributing SEK 48.5 m. ■ Second-quarter EBITDA was SEK 8.0 m (SEK -10.7 m), with this figure subject to SEK 3.1 m (SEK -10.3 m) of restructuring expenses. Accordingly, EBITDA before items affecting comparability was SEK 11.1 m. ■ Revised acquisition analysis resulting from the adoption of IFRS leads to second-quarter operating profit/loss being subject to SEK 2.8 m of intangible assets amortization. ■ Profit/loss after tax for the second quarter was SEK 4.5 m (SEK -57.7 m) and earnings per share were SEK 0.02 (-1.43). ■ The integration between Aspiro and Schibsted Mobile was concluded in the period, and total restructuring expenses were SEK 6.9 m, SEK 3.1 m of which reduced second-quarter profit/loss. The total estimated savings from restructuring are expected to generate annualized cost synergies of some SEK 9 m, with the full effect from the fourth quarter 2005. In addition, the acquisition is expected to generate significant revenue synergies. ■ Consolidated liquid funds were SEK 91.9 m (SEK 27.5 m) at the end of the period. A SEK 6.9 m debt to Schibsted ASA was fully amortized in the period. Second-quarter cash flow from operating activities was SEK 10.9 m. ■ Former full-time Executive Chairman Johan Lenander was appointed Aspiro’s CEO, and took up this position, in the period. Simultaneously, Erik Mitteregger was appointed Chairman. ■ Because sales via wap expanded, seasonality over the year has alleviated. Nevertheless Aspiro anticipates sales remaining relatively high in July, August, December and January.